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PRIME MINERALS LIMITED - ASX: PIM
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Description
Prime Minerals Limited (PIM) successfully listed on the Australian Stock Exchange (ASX) on 3 January 2007 and is based in Perth, Western Australia. The Company is primarily a Uranium explorer and holds three exploration licences at Lake Mason in Western Australia. Additionally, Prime is presently carrying out an active programme of project generation in both Australia and overseas to identify projects that will further enhance Prime's exploration portfolio.
Lake Mason Uranium Project
PRIME holds 100% of three exploration licenses (E 57/591, ELA 784 & 785) covering the eastern section of the Lake Mason palaeo-drainage. The tenement covering the lake itself, E 57/591, is currently granted with the surrounding tenements, ELA 57/784-5, currently under application.
The Lake Mason project includes the Bolitho Bore uranium prospect, which was discovered by Uranex in the 1980s. Previous exploration at Lake Mason has focused on the defined radiometric anomalies within the eastern extremity and northern shore of the main Lake Mason channel within E57/591.
In 2007, Prime completed 126 reconnaissance aircore drill holes at Lake Mason (total 1,898 metres), along with downhole radiometric logging. Forty six of the drill holes intersected uranium oxide values greater than 100 ppm. Prime has focused on the calcrete-hosted uranium mineralisation at Bolitho Bore, and set an initial exploration target of:
1,000,000 – 5,000,000 tonnes @ 150-300 ppm Uranium Oxide*
*At this stage of exploration, the potential quantity and grade of the Bolitho Bore uranium deposit is conceptual in nature, as Prime has determined that insufficient work has been undertaken to define a mineral resource and it is uncertain if further exploration will result in the determination of a mineral resource. The exploration target size was based upon existing exploration data and conceptual modelling.
Interpretation of the results of Prime’s drilling concluded the mineralisation at Bolitho Bore to be more extensive and of higher-grade than outlined by the 1980 drilling. The mineralisation remains open to the west and it is likely that additional drilling will extend the known body of mineralisation.
A detailed review of the Lake Mason project is currently underway and is aimed at identifying extensions to the mineralisation along strike. The identified mineralisation at Lake Mason is located within the lake and on its margins. This mineralisation is of the ‘playa lake-style’ found at Mega Uranium’s Lake Maitland project. There is potential for additional mineralisation in a number of locations adjacent to Lake Mason, including the drainages and deltas that feed into lake.
The exploration field programme is due to recommence next quarter with a planned site visit and reconnaissance over a number of potential target areas.
Mine For
uranium
Location of operation(s)
Western Australia
Address
Level 1, 8 Parliament Place
WEST PERTH, WA, AUSTRALIA
Phone
(08) 9315 1815
Website
http://www.primeminerals.com.au
Last Updated
21/02/2010
The data on Australian Shares.com is intended as a guide only and is provided purely as an indication of what information can be found through official announcements. Data on this website should not be used to make an investment or trading decision. All information should be carefully cross-checked against official sources for accuracy. The publisher (Intaanetto Pty Ltd) will not be held liable for any loss arising from the use of this website.
